SANTA ANA, Calif. (Legal Newsline) – The Bucks County Employees Retirement Fund has initiated a lawsuit against Merit Medical Systems alleging the company made false statements regarding its operation and sales that caused artificially inflated stock prices.
Bucks County Employees Retirement Fund, individually and on behalf of all others similarly situated, filed a complaint Dec. 3 in the U.S. District Court for the Central District of California-Southern Division against Merit Medical Systems Inc., CEO Fred Lampropoulos and Chief Financial Officer Raul Parra alleging violation of the Securities Exchange Act of 1934.
The suit is filed on behalf of those who purchased Merit's common stock between Feb. 26 and Oct. 30. The plaintiffs allege that Merit made materially false and misleading representations and failed to inform stockholders regarding Merit's operational disruptions and reduced sales.
The plaintiff alleges Merit stock "traded at artificially inflated prices of more than $62 per share." According to the complaint, on Oct. 31 the stock closed at $20.66 per share following its third-quarter financial results.
The plaintiffs seek monetary relief, a trial by jury and all other just and proper relief. It is represented by Shawn Williams and Daniel Pfefferbaum of Robbins Geller Rudman & Down LLP in San Francisco.
U.S. District Court for the Central District of California Southern Division case number 8:19-CV-02326